USDJPY has dropped nicely from our pullback resistance level of 110.96 as expected (major 50% Fibonacci retracement, horizontal overlap support stretching back to mid August 2017). More bears have jumped into this trade and this could drive price down towards 109.88 support (100% Fibonacci extension, Fibonacci retracement, swing low support).
RSI (34) remains in a descending channel showing that there is still bearish momentum in this move.
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